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The Maltese Herald

Miguel Borg of Bank of Valletta resigns

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by

Mark Camilleri
in

The corrupt banker who approved the bizarre loan of €36 million to Stewards, Miguel Borg has resigned. Miguel Borg had also sent his reply to me via his personal lawyers.

There is something very obvious which I didn’t make it clear in my reporting on Miguel Borg’s role as Chief Risk Officer at BOV and the €36 million to Stewards.

Big loans to private companies by national and government-owned banks for public projects are most often textbook cases of fraud and corruption. Why would a private company need a loan for a public project if supposedly this private company is being paid hundreds of millions of Euros already by the government and is supposedly adding value by investing its capital? What these bankers did by giving Stewards a loan is totally unorthodox, confusing and glaringly wrong, but something which would be very popular in Russia or in Venezuela.

Comments

8 responses to “Miguel Borg of Bank of Valletta resigns”

  1. Raymond Zammit avatar
    Raymond Zammit

    What irks me is that it is always the shareholders who have put their trust and hard earned money in the bank, who finish up paying and loosing money for this criminal bad governance.

    Reply
  2. Charles Calleja avatar
    Charles Calleja

    Does anyone of these swindlers ever get punished accordingly in Malta ? NO THEY NEVER DO ! ! !. AND WHY ?Because our Police and our Judiciary System are Rotten to the core. We Maltese people get what we deserve.

    Reply
  3. Bank of Valletta announces Miguel Borg’s resignation – Mark Camilleri avatar
    Bank of Valletta announces Miguel Borg’s resignation – Mark Camilleri

    […] of Valletta has finally announced that its Chief Risk Officer, Miguel Borg has resigned. BOV has said that Miguel Borg hasn’t done anything explicitly corrupt or fraudulent but this […]

    Reply
  4. Here’s James Camenzuli: the government bureaucrat? who green-lighted the Vitals deal, and is STILL a government executive – Mark Camilleri avatar
    Here’s James Camenzuli: the government bureaucrat? who green-lighted the Vitals deal, and is STILL a government executive – Mark Camilleri

    […] Bank of Valletta has made sure to dissociate itself from its past involvement in the deal by firing its chief risk officer, who approved a loan to Steward that is now in default. On the other hand, Robert Abela shows no […]

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  5. Here’s James Camenzuli: the government bureaucrat who green-lighted the Vitals deal, and is STILL a government executive – Mark Camilleri

    […] Bank of Valletta has made sure to dissociate itself from its past involvement in the deal by firing its chief risk officer, who approved a loan to Steward that is now in default. On the other hand, Robert Abela shows no […]

    Reply
  6. The Maltese government and Bank of Valletta still have to file their claims to recoup their money from Steward – Mark Camilleri avatar
    The Maltese government and Bank of Valletta still have to file their claims to recoup their money from Steward – Mark Camilleri

    […] of Valletta among its creditors. Bank of Valletta gave a ?36 million to Steward for which its Chief Risk Officer had to resign.? On the other hand the Maltese government can also be considered a creditor in Steward’s […]

    Reply
  7. Auditor Chris Spiteri who audited one of Malta’s biggest frauds says he is being “persecuted” – Mark Camilleri avatar
    Auditor Chris Spiteri who audited one of Malta’s biggest frauds says he is being “persecuted” – Mark Camilleri

    […] Risk Officer of Bank of Valletta, Miguel Borg. It turned out that his explanations weren’t very satisfactory?for the […]

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  8. Bank of Valletta yet in the middle of another government scandal - The Maltese Herald avatar
    Bank of Valletta yet in the middle of another government scandal - The Maltese Herald

    […] Steward Health Care in which Bank of Valletta gave a €36 million to Steward. Its previous Chief Risk Officer, Miguel Borg, was fired over the incident and he was subsequently awarded by the government with a six-figure salary at […]

    Reply

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